Laura Starita, co-founder and managing partner of Sona Partners and Timothy Ogden, executive partner of Sona Partners, and contributing editor to Alliance explore the relationship between the recent financial data leaks, including the Panama Papers and the HSBC Swiss File, and the philanthropic sector.
Recent financial data leaks, including the Panama Papers and the earlier HSBC Swiss Files, act like glasses for the myopic—they bring into focus one of the wealth management practices that enables private individuals to hold on to resources. Moreover, a number of named individuals are well-known philanthropic donors. With these revelations, the sector should look hard at the uncomfortable ways in which some of our most respected institutions and advocates may be complicit in questionable practices.
They comment, ‘If a foundation holds or invest assets offshore, it should explain why. The financial conflicts that arise today are not simple nor simply solved. The philanthropic sector is not exempt from these conflicts.’ Continue reading